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The 4 Pillars of Successful Digital Transformations,

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Despite many years of debate, understanding digital change for established companies remains a difficult task. People who lead the digital transformation are at a crossroads and face competing requirements from marketing, IT sales, operations, and even sales in the absence of a clear understanding that the wrong people get placed in charge, using inadequate resources, and incorrect KPIs which set the digital transformation plan up to fail.

The trick to sift through the fog is recognizing that digital transformation isn’t an individual thing but a multi-faceted process with different goals based on industry and maturity as we needed to alter our understanding of computers following their introduction as a device that could be used to perform only a few tasks on the edges of an organization, to one that can perform a variety of functions in a variety of ways. Hence, it’s time to shift our understanding of digital transformation. We must move away not as a singular concept but recognize that digital transformation is a broad term that means various things for different sections of an organization. Doing this can identify the kind of digital transformation you’re discussing and then prepare in line with the changes you want to make.

Based on our research on businesses going through digitization, we present an uncomplicated framework to cut the clutter and competing demands. The framework defines the four main pillars of digital transformation that we observe today: IT uplift and the digitization of operations, digital marketing, and digital business. Each of these is integral to the majority of companies on the journey of digital transformation. Suppose you don’t know the differences between them. In that case, it’s challenging to figure out what you should do next or what to do with the money -the tools, resources objectives, C-Suite sponsors, and KPIs needed to succeed are different for each situation. Knowing the differences in requirements can help you make informed choices and clearly define your way forward.

The right pillar place to start your company depends on your specific situation, requirements, and digital maturity. Most companies begin to tackle the first pillars we discuss at the beginning of their journey to digital transformation, but as they get older, they will continue to further posts. Here are the four pillars and the steps you can invest in the right way to ensure your success.

The Four Pillars

IT boosts many businesses. It is essentially an opportunity to use the budget allotted towards “digital initiatives” to modernize communication and IT systems within your company. Digital transformation begins by upgrading IT infrastructure within the business and mobility infrastructures, data lakes, and the cloud. When it is completed, the IT upgrade gives your business the latest tools to improve efficiency for employees, reduce maintenance costs for IT, and greater satisfaction among employees.

Certain companies are already into this process, but many others have questions about how to improve their digital infrastructure. It is usually the first step of the journey to digital. It takes an IT architect and time yet promises modern platforms and more efficient tools to meet customers’ needs with lower costs of maintenance. However, investments are still needed for older digital businesses to implement modern tools like artificial intelligence.

Typically, usually CIO or CTO is the person who should be in charge of this aspect of digital transformation. The key indicators of success are access to the latest tools, lower maintenance costs, higher satisfaction of employees, and improved business performance. To support this, IDC research shows that companies implementing the process of ERP moved to the cloud as part of the digital transformation program before the outbreak of COVID-19 did better than those that did not.

Digitizing operations A third crucial element of digital transformation is typically addressed earlier in the journey to digital transformation. Digital transformation is improving, simplifying, and streamlining existing processes. The objective here is to use digital tools, such as the most advanced technologies like AI 5G, AI IoT, and 5G to speed up business growth.

It could be replacing analog processes with digital ones in its simplest form. Sometimes, it’s about changing the system’s design to accommodate the requirements of today’s customers. For instance, when PayPal offered payments via email, they needed a lot of time to make sure that they complied with regulatory requirements. However, facilitating the immediate payment required in the current market requires rethinking the structure of PayPal by combining the previously separate divisions for compliance and expenses into one organization. This is not just about changing analog processes to digital ones. It’s about redesigning the company and the digital strategies to serve the customers better.

Digitalizing operations is an essential aspect of digital transformation, in that in the absence of it, your organization will be out of reach by more efficient employees. An organization may start its journey towards digital transformation by digitizing its processes, and then as it develops, it will redesign processes completely. As companies redesign their operations, they begin to explore more possibilities for transformation. For instance, when a European retailer made changes to its platform to better serve customers better, it realized that it could also sell different products of other retailers through its upgraded eCommerce platform as well as automated logistics, allowing the retailer to build an entire ecosystem of goods and services that third-party sellers to provide its customers.

Due to the necessity to know how the business operates, digital operations generally perform better when supervised by the COO or CFO. It requires time and resources; however, as determined through the central KPIs, the advantages include time-saving money and people to tackle business issues and satisfy customers.

Digital Marketing If you’re searching for ways to gain clients, increase brand recognition and profile clients, or even sell your products online, you’re following the pillar of digital marketing. This pillar differs from other pillars due to its emphasis on using digital tools that allow you to interact with and market to customers. It is not surprising that it requires different resources like investing in capturing accurate data, using digital tools, including artificial intelligence to help understand customers and their needs, and a presence across all channels.

Many retailers across the world use the digital channel, AI, and prescriptive analytics to gain access to customers and prospects and build digital marketplaces, viral marketing campaigns, and geo-targeting campaigns. Businesses also employ artificial intelligence to recognize and respond to critical customer behavior, such as identifying customers who are likely to abandon your company and intervening before leaving.

Typically the CMO is the one who initiates this process and should concentrate on KPIs like ROI on marketing investment as well as reducing costs for customer acquisition and the generation of large amounts of data that could be used to attract new customers and improve the service to existing customers.

Digital technology presents a variety of new opportunities for established businesses. To take advantage of these opportunities, some of which could be very disruptive, requires both the capabilities to innovate and the digital for testing and pivoting to new avenues of growth. Digital technology could provide an opportunity to develop innovative business strategies, create new offerings and products, and even join forces with a vast ecosystem to generate new growth opportunities.

The CEO, or the head of sales, oversees these initiatives due to the necessity for agility, investments, and, most importantly, an experienced team that can run experiments to verify the business opportunity. The reward is new revenue sources and profit. However, the KPIs are more complex and typically measure unit economics that you have created to solve an important customer issue and make profits. Many companies have these opportunities at their disposal, but capturing them requires more digital maturity than an IT upgrade or digitizing processes.

A large retail bank we looked at was involved in a variety of sectors, including transport (ride-sharing), distribution of content (music and television), e-health, and the retail marketplace, to name just a few. The CEO’s first deputy was responsible for the transformation and built up a team of people who were able to innovate and test and create every new business. In this digital department, executives were also tasked to digitize the entire ecosystem and a separate department that had an obligation to construct and maintain the new ecosystem. The bank examines its capacity to improve customer retention within the primary financial services industry to determine if they are doing well. More importantly, new companies measure how many daily or monthly average customers, engagement levels, and cross-selling possibilities.

The Digital Journey

Everyone who has experienced the benefits of digital transformation has described it as a trip. Digital transformation is slow and involves a series of evolving and sometimes radical actions. As with any process, you must first determine the best path to take. Most companies start with IT uplift and digitalize their operations, then transition to digital marketing and business development. However, all four pillars are crucial to the digital transformation process, and they could occur in a different sequence. The most important thing to be successful is to be clear that digital transformation isn’t just one thing but multiple aspects. The right leader and the right resources and success metrics towards each pillar can make a massive difference to the win.

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Business

Vending Machine Business Model: How To Start In 7 Steps

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Are you interested in vending machine business modelHow to give it a start? Don’t worry. We give you all the keys to knowing how the vending machine business model works so you can start your vending machine business from scratch.

Vending Machine Business Model: 7 Steps On How To Start 

Vending machines are all those that, through a payment, offer the customer the desired product or service; Chewing gum, coffee machines, snack and drink machines, Covid product machines, feminine wipes or condom machines, and tickets. A multitude of devices and products and the costs of the machines are very different.

Operating Models Of Vending Machines

What is the operating, business, or exploitation model like? This is one of the questions you ask me the most. Ownership is the most common model, as it is the most profitable.

You acquire the machine, and you are in charge of looking for a place where it generates good sales. You carry out the complete operation of the business (purchase of supplies, replenishment of products, withdrawal of currency, cleaning, and maintenance).

The ownership model for the operation of vending machines is the most efficient way to earn money, integrally managing the procedure—both for entrepreneurs and companies that want to have this service in their facilities. Logically, the customer must be trained to learn the handling, operation, and maintenance. It is very simple.

Ownership Of The Vending And Operation By Third Parties

Many companies (and some entrepreneurs) contact because they do not know how the vending machine business model works. They want a machine, but they do not know how to take care of the operation.

Decide What To Sell Before Starting Your Vending Machine Business Model 

You must be clear about what you want to sell since, depending on the products you decide to put on sale, you will need a machine that meets its conditions. And depending on the type of machine, the cost varies a lot.

The vending machines that sell the most are the Combi or Mixed machines for snacks and drinks. These machines have the lower half with refrigeration (for drinks) and the upper part at room temperature (for snacks and…). They sell more than just a snack or drinks by offering snacks and beverages.

Coffee machines are an excellent alternative since they are cheap and their usefulness is also much greater, around 90%.

Decide What To Sell According To Your Budget.

Although it may not seem like it, your budget is a limitation when starting in Vending since, if you are limited, you will have to start with the type of machine that suits your needs and that, at the same time, can bring more profit.

If you don’t have too much capital, we recommend starting with a mini-snack or a coffee machine.

Types Of Vending Machines By Cost:

It is not the same to have a budget of $5,000.00 as one of 120,000.00. For example, a good chewing gum, which can be around $6,000.00, can make you between 500 and 1,000 a month, installed at a good point. A combi machine for snacks and drinks is more than 35,000.

The simplest Coffee machines models, which we recommend you start with, start at around 30,000.00. These usually work with the inputs in powder and a jug of water. We also tell you that coffee is the product that will leave you with the most use. Between 80 and 90% of what the client pays is your utility.

Snack machines and drinks and beverages are the best sellers and have a higher cost. You can only sell snacks and products that do not require refrigeration. And not just chips, you can also sell face masks, disinfectant gels, cell phone accessories, books, t-shirts, pharmacy products, and electronic cigarettes; they are versatile to sell almost any product.

Collection And Telemetry Devices

Payment devices are also a limitation when choosing which products you want to sell. If, for example, you want to sell perfumes, a machine that only charges in currency are not going to work for you.

Decide Where To Locate Or Install Your Machine.

The choice of location of your machine is the main factor for the operation’s success. You must choose where you install your machine to have the desired sale, and your venture is a success.

Permits Needed To Install And Start A Vending Machine Business Model

Wherever you want to install, you should talk either with the owner (for example, a grocery store), with the administrator, or the person in charge of leasing (of a commercial or corporate plaza).

Permits are not necessary. Only an agreement is normally reflected in a contract where the conditions appear.

So start with the one whose investment you can support, and as you begin to win, invest your profits in increasing the number of machines.

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What are the benefits of B2B content marketing?

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Business-to-business (B2B) content marketing is the process of creating, publishing, and distributing content. B2B content marketing targets companies. The goal is to appeal and retain customers.

Content marketing can help you draw new leads and convert more customers. Moreover, with content marketing, you can stand out from the competition. But what are the specific benefits of content marketing for businesses? Here are the key reasons.

1)    Achieve Targeted Website Traffic

B2B content marketing is one of the most effective ways to increase website traffic. By sharing relevant content, you can attract more visitors to your site.

There are many different types of content that you can create for your B2B audience. Blog posts, infographics, videos, and social media posts are great options. Moreover, B2B content marketing is about creating content that answers your audience’s inquiries. It also gives them helpful information about how your services and products address their worries.

2)    Increased Conversions

Content marketing is one of the most effective ways to convert leads into customers. In line with book marketing services, the key to successful content marketing is creating valuable content that resonates with your target audience. Your content should be tailored for your intended audience. However, it will provide them with the information they need to make a purchase decision. It should also be engaging to encourage them to share it with their friends and followers.

When you develop relevant content and monitor it with a tool like HubSpot, you receive valuable data. This data can show you what material your audience has interacted with. Moreover, you may then use it for remarketing across several platforms.

3)    Use of Competitive Keywords

When it comes to content, you must target your industry’s most competitive keywords. After all, if you rank on top, you can bring in a lot of traffic and business. However, ranking for these keywords is no easy task. You must create unique content and provide real value to your audience.

Effective research helps to figure out competitive keywords in your industry. Use tools like Google AdWords Keyword Planner and SEMrush to find the keywords with the highest search volume.

4)    Enhances Customer Loyalty

Brand loyalty can be challenging to create and maintain. It’s only possible with the right content marketing strategy. The content providing value to the customers will keep them coming back for more.

Moreover, continuous delivery of high-quality content keeps your consumers engaged. It also increases your prospects of upselling and cross-selling. Know who your target market is and what they want. Once you know that, you can start creating content that will help you retain your customers.

5)    Leverage your social media channels

Your target audience will be more likely to follow you on social media if you provide top-quality content. However, customers aren’t interested in brands that sound too salesy. They are loyal to brands that offer value. That’s why 83 percent of B2B marketers use social media as a critical component of their content marketing strategy.

With content marketing, you can use your social media channels to reach your target audience where they already are—LinkedIn, Facebook, Twitter, and YouTube, for example. The key is to start with your blog or website as your main content hub. After that, share the content across all your social media channels.

6)    Conclusion

There is no doubt that a strong B2B content marketing plan has several advantages. B2B content marketing is a great way to establish yourself as an authority in your field. By creating high-quality content relevant to your target audience, you can build relationships with them. There’s no better time than now to assess your marketing approach to ensure that you’re not losing out.

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Considering To Put Golf Courses For Sale?

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I’ve had the luxury of assisting countless sellers in the disposal of a range of golf and club properties throughout my many years as a consultant, appraiser, and broker in the golf course market. With each new circumstance bringing a new problem, we’ve discovered several options to explore when you are considering to put a golf courses for sale.

To choose the best alternative for our clients, I first learn about their goals and ambitions. Of course, all sellers seek to maximize their price; however, some criteria may take precedence over others, such as:

  • Retirement Strategy.
  • Immediate capital requirements.
  • Closing for the season.
  • Financial difficulty.
  • Considerations for the market.

A seller has various alternatives for selling or negotiating a sale for a golf facility. A listing can be made through a specialty broker (such as us), a commercial broker, or a local broker. Some vendors promote themselves, while others prefer the auction method. They have its own set of pros and downsides.

Those concerned about taxes may wish to explore an installment sale, which involves retaining a note from the buyer for a length of time. Others (the majority) need a cash-at-closing deal. Some sellers, particularly those who desire a quick sale and want to promote competition, use the auction approach. Others, who perceive auctions as a sign of weakness and have the luxury of time, choose more traditional ways of marketing, which often involve listing with a broker and utilizing the broker’s network and marketing talents.

Timing is always a crucial aspect of any transaction, given the seasonal nature of most golf businesses, the significant amount of due research required on the buyer’s behalf, and maybe most significantly, the objectives of buyer and seller. In most brokerage circumstances, we recommend formulating an exit plan that considers the intended date of the sale and the time necessary to prepare, advertise and conclude an acceptable transaction. Of course, price expectations always influence such time, which should be realistically defined.

Pricing is sometimes the most crucial factor for the vendor. Their equity in the home often symbolizes their life savings or profit from a long-term business enterprise. Every vendor wants to get the best price possible. Overpricing a house for sale can be a “double-edged sword,” as it can deter some legitimate purchasers from ever considering the offer. Sure, some “wiggle room” is desirable, but realistic pricing is essential.

It is common for golf properties to take a year or more to prepare, advertise, and close a sale transaction. That is correct. It may also be completed in significantly less time. Pricing and marketing approaches have a significant influence on timeliness.

Some transactions need ingenuity. If bank finance is not available, other options may be required. Buyers and sellers use a variety of strategies to execute a transaction, including installment sales, private equity, and participation.

Every seller’s scenario is unique. To reach their aims and objectives, they must frequently explore several innovative means of marketing and preparing the property for sale and the potential of collaborating with a rival to do what is best for the client. Sometimes collaborating with an expert from a different field might provide the most bang for the buck for the customer (i.e., broker and auctioneer).

The results will be obtained by developing a plan that considers the property’s individual strengths and limitations and the current market dynamics. When these are combined with the seller’s aims and objectives, it results in a well-rounded strategy.

In two recent transactions in which we had the honor of participating, we urged sellers to consider possibilities different from how they had envisioned the sale but resulted in good results. On one of those occasions, we collaborated with an auctioneer (and divided our fee) to secure the greatest possible outcome for the seller.

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